The long-running saga of beleaguered Israeli fresh produce exporter Agrexco could be coming to a close after the Tel Aviv District Court accepted a bid to sell the group as a going concern.
Israeli financial publication Globes reported that Judge Varda Alsech yesterday (11 October) ruled in favour of a bid from Bickel Export Group and Orian SM Ltd of NIS17.6m (€3.5m), which included an immediate NIS10m payment and the employment of 30 of Agrexco's 100 employees.
Gideon Bickel and Chen Lamdan's joint bid beat off competition from the Flower Board of Israel's offer of NIS17m, of which NIS3m was to be paid up front, while the bid also included the hiring of 60-80 employees.
Agrexco, which had estimated debts of around €110m, was awarded a stay of proceedings in June this year while court-appointed trustee Shlomo Nass attempted to find a buyer for the group, but eventually went into liquidation in September.
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